30 Marketing Attribution Statistics To Optimise Your Marketing Tactics
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Marketers, both online and offline, rely on a myriad of multi-channel strategies to carry out marketing campaigns. This comes with both opportunities and challenges for the everyday marketer, as while this allows customisation for every step of the customer journey, it also takes time to analyse the overall impact of a singular campaign on overall marketing return on investment.
This is where marketing attribution steps in. Marketing Attribution is the process of determining which marketing channels or tactics are most effective in contributing to sales or conversions. By accumulating consumer data across all marketing channels, each interaction a user does can be properly weighted for their part in leading to a conversion. For example, if a user is exposed to PR news articles and a PPC ad, but only converts after seeing an offer within the PPC ad, marketers can note which marketing tactic played a larger role in driving the sale, thus devoting more time to these higher-converting campaigns.
What Is Attribution Modeling? A Quick Explainer for Marketers(Source: Masters in Marketing)
In this blog, we will deep-dive into 30 marketing attribution statistics to help you understand more about marketing attribution and the effect this can have on your overall marketing strategies ready for 2024.
At Embryo, we understand correctly attributing what drives users to convert is vital in helping businesses grow. To find out more about how we can assist with your marketing tactics from paid, SEO to digital PR, don’t hesitate to get in touch with our friendly team today
30 Must-Know Marketing Attribution Statistics to Optimise Your Overall Marketing Strategy
Current Attribution Landscape
- Only 52% of marketers are currently using attribution reporting [2]
- 42% of marketers report attribution manually via spreadsheets [3]
- 41% of marketers most commonly use ‘last-click’ attribution model for their online campaigns [5]
- 64% don’t have quantitative tools for demonstrating the impact of marketing spend on company performance [7]
- 84% of marketers state that refining marketing measurement and reporting is a growing priority [4]
- 64% of shoppers research online before purchasing offline [8]
- 67% of shoppers regularly use more than one channel to make purchases [9]
The Importance of Attribution
- When someone conducts a search after initially seeing a related display ad, the likelihood of them converting is 59% [6]
- Attribution across your multitude of marketing channels can provide efficiency gains of 15% [5]
- 56% of marketers believe attribution is important, while a further 33% believe it’s nothing short of critical. [9]
- 43% of marketers stated data-driven attribution the most important attribution for accurate tracking and measuring [4]
- 26% say the reason for choosing their current attribution model is accurately giving revenue credit to marketing [1]
The Challenges Of Attribution
- Over half (54%) of marketing professionals feel that they are not using their marketing automation tools to their fullest potential. [10]
- 63% of marketers struggle to measure and track activity between the funnel stages [4]
- 56% data validation/normalisation is a big attribution challenge [1]
- 25% of marketers cited organizational and structural challenges as the No. 1 reason they haven’t adopted data-driven attribution [11]
- 7% of marketers report that their marketing automation solution is entirely integrated with the rest of their technology stack. [10]
- 70% struggle to act on the insights they gain from attribution [12]
- 30.9% of retailers cannot track consumers across devices [13]
- 62% of marketers are failing to attribute revenue to inbound calls [5]
A Cookie-less Future & The Impact On Attribution
- 83% are still reliant on cookies in some way to support their marketing efforts [14]
- 67% of marketing leaders are concerned with how privacy changes will affect their ability to perform [16]
- 35% of internet users use some form of ad or script blocker [17]
- 34% believe the removal of third-party cookies will have a negative impact on their business [15]
- 64% use sophisticated attribution models for their reporting to avoid cookie-related issues [15]
AI, Automation & The Future of Attribution
- 40% of marketers are planning to add automation to their email marketing efforts in the year ahead [10]
- 55% of marketers are looking to incorporate ROI by channel in the next 12-18 months [4]
- 40% expect to use an average of 6 or more channels over two years [18]
- 42% are planning to adopt AI-based plans into their business workflows to improve marketing attribution [19]
- 30% plan on changing attribution model in the next 6 months [1]
Attribution is essential for marketers as we enter 2024. With third-party cookies being phased out by web browsers, wall garden restrictions, and consumer actions like ad blocking and privacy opt-outs, gaining insight into the consumer journey has never been more difficult, and more vital. While marketing attribution requires a high level of granularity and data to be effective, it can efficiently give insight to your marketing efforts and be used to optimise your marketing campaigns overall.
If you are looking for an agency that places accurate tracking and attribution at the forefront of your marketing, get in touch with our PPC team today!
Sources:
[1] – https://leadsrx.com/resources/blog/37-mind-blowing-marketing-attribution-stats/
[2] – https://www.hubspot.com/marketing-statistics
[3] – https://econsultancy.com/the-state-of-marketing-attribution-research/
[5] – https://llcbuddy.com/data/attribution-statistics/
[6] – https://www.wordstream.com/blog/ws/2022/04/19/digital-marketing-statistics
[7] – https://cmosurvey.org/wp-content/uploads/sites/15/2019/02/The_CMO_Survey-Highlights-and_Insights_Report-Feb-2019.pdf
[8] – https://www.bazaarvoice.com/blog/best-practices-marketing-attribution/
[9] – https://www.ruleranalytics.com/blog/insight/marketing-attribution-stats/
[10] – https://ascend2.com/research-swipe-file-the-state-of-marketing-automation/
[12] – https://www.adroll.com/assets/pdf/guides-and-reports/AdRoll-State-of-Marketing-Attribution-2017.pdf
[14] – https://corvidae.ai/blog/attribution-statistics/
[15] – https://www.queryclick.com/blog/marketing-in-the-cookieless-future-attribution-industry-report/
[16] – https://www.marketingevolution.com/knowledge-center/marketing-attribution-cookieless-world
[19] – https://www.scuba.io/blog/how-ai-ml-will-change-the-game-for-marketing-attribution
